Accounting News – Autumn 2024

The Autumn Statement: Preparing for 2025 and Beyond

By the autumn of 2024, the UK economy was showing mixed signs: inflation had fallen back, but growth remained weak and interest rates stayed elevated. The Chancellor’s Autumn Statement was pitched as a “responsible” plan for long-term stability.

Key measures

• Business rates reform – A new system was announced to simplify revaluations and provide more certainty for high street retailers.
• Investment incentives – Full expensing, introduced in 2023, was made permanent, allowing companies to claim 100% first-year relief on plant and machinery.
• Pensions reform – Plans to create “superfunds” were announced, consolidating smaller pension schemes to improve returns.
• Green investment – Additional funding for clean energy and electric vehicle infrastructure was committed, with targeted tax breaks for businesses investing in sustainability.

What businesses should focus on

• Capital investment – The permanent full expensing regime makes this the perfect time to invest in equipment, technology, or office upgrades.
• Sustainability incentives – Going green is no longer just about reputation; it’s increasingly tax-efficient too.
• Long-term planning – With a general election expected in 2025, businesses should scenario-plan for potential changes in tax policy.

👉 Takeaway: Autumn 2024 is a moment to look beyond short-term survival and build strategies for resilience, growth, and investment into 2025.

📞 Need help planning for 2025? Get in touch for expert support on tax efficiency, investment strategy, and long-term financial planning for your company.